Iron and Steel Mills and Ferroalloy Market Report 2025

The iron and steel mills and ferroalloy market size has grown strongly in recent years. It will grow from $1.15 trillion in 2024 to $1.21 trillion in 2025 at a compound annual growth rate (CAGR) of 6%. The growth in the historic period can be attributed to rise in construction activity, growth in demand from the automotive industry, strong economic growth in emerging markets, increasing use of recycled steel, expansion of the steel sector and rising demand for steel in end user industries.

The iron and steel mills and ferroalloy market size is expected to see steady growth in the next few years. It will grow to $1.43 trillion in 2029 at a compound annual growth rate (CAGR) of 4.2%. The growth in the forecast period can be attributed to rapid advances in technology, faster economic growth, metal consumption by the aerospace sector, a rise in urban populations, increasing electric vehicle production and investment in infrastructure. Major trends in the forecast period include shift from conventional blast furnaces to modern EAFs (electric-arc furnaces), focus on ahss (advanced high-strength steel), use of artificial intelligence, focus on hybrit (hydrogen breakthrough ironmaking technology), focus on mergers and acquisitions, focus on new product development and adoption of robotics in iron ore mining.

The iron and steel mills and ferroalloy manufacturing market are anticipated to experience growth driven by an increase in metal consumption within the aerospace sector. The surge in air travel demands more commercial airplanes, leading to a higher need for metals such as aluminum. The International Air Transport Association (IATA) projects a rise in air travelers from 3.8 billion to 7.2 billion by 2035, while Boeing estimates a demand for approximately 42,730 new jets valued at $6.3 trillion over the next two decades. This heightened demand for airplanes is expected to drive metal consumption, particularly in the aerospace sector, thereby fueling the iron and steel mills and ferroalloy manufacturing market during the forecast period.

Fluctuating raw material prices present a significant challenge to the iron and steel mills and ferroalloy market, limiting growth. Raw material prices refer to the costs associated with acquiring the essential inputs needed for manufacturing or production. Iron and steel mills, as well as ferroalloy producers, attempt to stabilize these price fluctuations by improving production efficiency, optimizing supply chains, and utilizing by-products, which can help reduce overall costs and lessen reliance on unstable raw material markets. For example, in May 2023, the World Bank Group reported that coal prices had dropped by 52% from their peak in August 2022 to April 2023. Consequently, fluctuating raw material prices continue to challenge the iron and steel mills and ferroalloy market.

Leading companies in the iron and steel mills and ferroalloy market are prioritizing advancements in Electric Arc Furnace (EAF) technology to optimize energy use, improve material quality, and integrate advanced automation for enhanced process control and efficiency. An Electric Arc Furnace (EAF) is a type of furnace that generates heat through an electric arc created between graphite electrodes and the metal being processed, using electrical energy as the primary heat source. For example, in January 2023, Nucor Corp., a U.S.-based steel production company, introduced Elcyon, a steel product manufactured with Nucor's scrap-based EAF method. This method significantly lowers greenhouse gas emissions - approximately one-fifth of the emissions from conventional blast furnace production. Elcyon contains over 90% recycled content and can be certified as Econiq™, indicating it is made with 100% renewable electricity.

Companies in the iron and steel mills and ferroalloy manufacturing market are investing in new technologies such as blast furnaces. Blast furnaces are metallurgical furnaces used for smelting industrial metals. In September 2023, Ulanhot Steel, a China-based steel manufacturer, inaugurated a new blast furnace at a Northern China plant. Noteworthy is its capacity to produce 1.13 million tons of iron annually, with a unique feature allowing the utilization of gases in pig iron production.

Major companies operating in the iron and steel mills and ferroalloy market include POSCO, ArcelorMittal S.A., Nippon Steel & Sumitomo Metal Corporation, TATA Steel Group, Nucor Corp, JFE Holdings, Inc., GERDAU S.A, Hyundai Steel Company, Maanshan Iron and Steel Company Limited, Thyssenkrupp AG, Baoshan Iron & Steel Co. Ltd, Kobe Steel Limited, Baowu steel, Ningbo BST Metal Products Co. Ltd., Nanjing Hengjie Industrial Co. Ltd., The Heico Companies, Bekaert SA, Suzuki Garphyttan Ab, Avocet Steel, SWR Group, Ormiston Wire, Novolipetsk Steel (NLMK), Evraz, Magnitogorsk Iron and Steel Works (MMK), Severstal, Metalloinvest, Mechel, TMK (Pipe Metallurgical Co. OJSC), Summit Utility Structures LLC, Sovereign Steel Manufacturing, AK Steel Holding, Algoma Steel Inc., Ternium S.A., United States Steel Corporation, Cleveland Cliffs, Aperam, Companhia Siderúrgica Nacional, Siderca, AL Khaleej Metal Coat LLC., AL Shafar Steel Engineering, Ajmal Steel Tubes & Pipes Industries LLC, Al Jarsh Metal Section Manufacturing, Alam Steel, Bosco Group of Companies, DBMSC Steel FZCO, Denholm YAM, Moolaan Iron & Steel, S A Iron & Steel Institute (SAISI), Pretoria Schmiede Cc, Metatrade Import and Export (Pty) Ltd, Cape Town Iron and Steel Works, JM Enterprises, Melcast Iron and Steel Foundry.

Asia-Pacific was the largest region in the steel mills and ferroalloy market in 2024. Western Europe was the second-largest region in the iron and steel mills and ferroalloy market. The regions covered in the iron and steel mills and ferroalloy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the iron and steel mills and ferroalloy market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.

The iron and steel mills and ferroalloy market consists of sales of steel scrap, carbon steel, and sinter steel. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

Iron and steel mills, along with ferroalloys, pertain to a category of products involving the smelting of steel scrap and iron ore to produce pig iron, either in molten or solid form. The process continues by converting pig iron into steel, accomplished by removing carbon from the iron through combustion in furnaces. This process includes activities such as reducing iron ore and transforming pig iron into steel.

The primary types within the domain of iron and steel mills and ferroalloys include ferroalloys, pig iron, and crude steel. Crude steel refers to the steel produced through the solidification of liquid steel. Various end-users of these products include automotive, machinery, oil and gas, construction, and other industries.

The iron and steel mills and ferroalloy market research report is one of a series of new reports that provides iron and steel mills and ferroalloy market statistics, including iron and steel mills and ferroalloy industry global market size, regional shares, competitors with iron and steel mills and ferroalloy market share, detailed iron and steel mills and ferroalloy market segments, market trends and opportunities, and any further data you may need to thrive in the iron and steel mills and ferroalloy industry. This iron and steel mills and ferroalloy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

This product will be delivered within 3-5 business days.